28 February 2020

Management Share Option Plan “LTIP 2017” – 2020 Award of Share Options

(Singapore, 28 February 2020)

The Board of Directors of BW LPG Limited (“BW LPG” or the “Company”) has approved the award of share options to the senior management of BW LPG. This is the fourth annual award of share options under the five-year long-term management share option plan (“LTIP 2017”) which was launched on 21 April 2017. LTIP 2017 is aimed at aligning the interests of the senior management of the Company with those of the shareholders. Details of the plan can be found in the following link: https://www.bwlpg.com/investor-centre/press-releases/detail/Management-Share-Option-Plan-LTIP-2017

The total number of options that will be awarded in 2020 is 335,120 options. The options will be awarded in connection with the publication of the quarterly report for Q4 2019.

The Company will purchase 335,120 common shares, representing 0.2% of the total number of shares in issue, at a price of up to US$2.5 million. The shares will be purchased from the open market, commencing on 4 March 2020 and will continue until and including 10 March 2020.

The following primary insiders of the Company have been awarded the fourth annual tranche of share options under LTIP 2017. The total number of shares (if any) held by these primary insiders are as set out below:

Elaine Ong, Chief Financial Officer
Options awarded in 2020: 85,200
Options awarded in 2019: 85,200
Options awarded in 2018: 49,700
Options awarded in 2017: 49,700

Shares held: 10,630

Niels Rigault, Executive Vice President, Commercial
Options awarded in 2020: 113,600
Options awarded in 2019: 113,600
Options awarded in 2018: 71,000
Options awarded in 2017: 71,000

Shares held: 96,000

Pontus Berg, Executive Vice President, Technical and Operations
Options awarded in 2020: 51,120
Options awarded in 2019: 51,120
Options awarded in 2018: 21,300
Options awarded in 2017: 21,300

Shares held: 6,495

Jo Moffat, Vice President, Product Services
Options awarded in 2020: 39,760
Options awarded in 2019: 39,760

Shares held: NIL

Prodyut Banerjee, Vice President, Operations
Options awarded in 2020: 22,720
Options awarded in 2019: 22,720

Shares held: NIL

Knut-Helge Knutsen, Vice President, Technical
Options awarded in 2020: 22,720
Options awarded in 2019: 22,720

Shares held: NIL

For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506

E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Investor Relations
BW LPG Limited
Tel: +65 6705 5519

E-mail: iver.baatvik@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group controls a fleet of over 360 ships which includes product tankers, LNG and LPG carriers, floating storage and regasification (FSRU) units, dry cargo carriers, crude oil supertankers and floating production storage and offloading (FPSO) units.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.